1250 property

[bandb]

Taxpayer has a rental with building, land, kitchen remodeled, and HVAC replaced. Is this all 1250 property?

[TaxGuyBill]

Land - No.

Kitchen appliances - no.

The rest of it - probably.

[bandb2]

Thanks. Q Can I do a bulk sale for building and land or must I treat them sepataely and allocate a part of selling price to land?

[TaxGuyBill]

Land is supposed to be reported separately.

[bandb]

Do I allocate20% of selling price to land or just leave it as zero?

[bandb]

Thanks. I reported Land separately, allocating part of sale and cost to it. It shows up in Part 3 of form 4797. My understanding is that it should appear in Part 1? Have I erred in an input field?

[TaxGuyBill]

It should be in Part 1.

I don't use ProConnect (I use ProSeries), so I'm unsure how you need to enter it.